Computers in Control

This morning's poor economic reports are having little impact on this market as news of another European rescue save us once again. This time it is a coordinated move by central banks to provide dollar liquidity in Europe.

What has been very interesting about the market action is that no one seems to believe that the positive news that is driving the action really is all that good. I don't think I saw a single comment Wednesday that expressed any great optimism about the latest news about Greece, but we had an absolutely frenzied bout of buying.

A big part of that was probably computer driven and I suspect that many market players are simply holding their noses and trying to stay on the same side of the market as the machines. Obviously trying to game the macroeconomic news is a losing approach.

We are obviously a bit overbought at this point and heading into some resistance, but as we all know, these bounces can continue longer than seems reasonable. But that doesn't make it any easier to buy them.

I'm a little behind this morning and trying to catch up but a quick glance at some of market scans is not uncovering much of interest. Once again there are a lot of grumpy traders struggling with this market and a fourth day of gains on questionable news is not making them feel better.

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